Biopharma and medtech venture investment showed mixed signals through Q3 2025, with selective funding favoring advanced programs. Biopharma venture investment totaled $5.8 billion across 86 rounds, while medtech saw $2.9 billion deployed through 67 funding rounds—bringing year-to-date totals to $17.1 billion and $9.5 billion, respectively.
M&A activity remained robust across both sectors in Q3 2025, with biopharma completing 35 transactions totaling $30.8 billion. Medtech M&A posted strong quarterly results with 65 deals totaling $21.7 billion.
IPO markets showed modest improvement through Q3 2025. Biopharma completed seven IPOs year-to-date raising $1.1 billion, while medtech achieved seven offerings year-to-date totaling $1.5 billion.
The licensing landscape continued to favor larger, later-stage deals in Q3 2025, with biopharma licensing reaching $63.7 billion in quarterly announced value and $183.7 billion year-to-date. The medtech sector saw 21 licensing partnerships with $7.9 billion in total value, with over $126 million in upfront payments.
The J.P. Morgan biopharma therapeutics and medtech licensing reports explore the movement in each sector, offering insight into industry and investment trends that defined the third quarter of 2025. The reports, powered by DealForma, highlight:
- Venture investment trends and deal values
- Licensing partnerships and R&D collaboration metrics
- M&A activity and transaction patterns
- IPO market performance and capital raised
- Investment focus areas in obesity, diabetes and antibody-drug conjugates
Download these reports to gain deeper insights into current dealmaking trends, and connect with our Startup Banking experts to learn more.
